Need a home loan? Banks are requiring ever larger deposits

Banks want between 15% and 20%, on average.

Shaun Rademeyer, BetterLife Home Loans

The slowing economy has not as yet caused a decline in the percentage of home loans applications that banks approve.

Banks have, however, started to raise deposit requirements in recent months.

The Money Show’s Bruce Whitfield interviewed BetterLife Home Loans CEO Shaun Rademeyer.

Scroll down for quotes from the audio below.

Banks are managing risk with higher deposits.

Shaun Rademeyer, BetterLife Home Loans

It’s not just about your personal track record, but also about the area in which you’re buying.

Shaun Rademeyer, BetterLife Home Loans

A bigger deposit gets you a better interest rate.

Shaun Rademeyer, BetterLife Home Loans

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the seven most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

Read More
Real house prices are falling (and the declines are gathering pace)

Real house prices are falling (and the declines are gathering pace)

November was the seventh consecutive month of slowing price growth. And there is no end in sight, according to FNB.

How to raise funding (at each stage of your business’ growth)

How to raise funding (at each stage of your business’ growth)

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

How to best invest a lump sum

How to best invest a lump sum

Got some money in the bank, earning peanuts in interest? Here’s how to make it work harder for you in the most tax efficient way…

Judge Dennis Davis on why Pravin Gordhan ordered him to probe Sars

Judge Dennis Davis on why Pravin Gordhan ordered him to probe Sars

Gordhan doesn’t trust Sars' information “because of a lack of accountability and cooperation from the Sars top management”.

5 ways to get a bank loan approved

5 ways to get a bank loan approved

Take these 5 steps, says Personal Finance Consultant Samke Ngwenya, and you’ll have your bank’s approval in no time.

Need a loan? How credit worthy are you? This FREE new app will tell you…

Need a loan? How credit worthy are you? This FREE new app will tell you…

A new cellphone application helps people access their credit profiles and safely upload their full credit reports.